alt Hacker News3in1 is actually bike specific, it fell out of favor with the rise of the modern bike lubes. Wax collects dust and dirt, especially when friction or the sun cause it to soften, which turns your waxed chain into a drive train eater and will cause power loss. More for the track than the road.
Wax is great for road riding. I ride in Auckland where it’s wet half the time (all the time this summer). I re-wax every 400 or so km. It’s clean running and beautiful compared to the expensive oils I was using, and lasts longer.
Wear appears to be down too. The reduction in grease and dirty chain makes is so nice.